"International prices of crude oil and petroleum products are still higher than the prices at which current retail prices are fixed and so there is no valid reason for downward revision in retail prices," he said.
The official said the three fuel retailers were borrowing heavily for financing their working capital and capital expenditure requirements.
"The combined borrowings of the three, which stood at Rs 48,400 crore in March 2007 and Rs 66,900 crore in March 2008, has increased to Rs 93,500 crore as of August, 2008," he said.
The oil firms' credit limits have recently been enhanced by Rs 14,000 crore to enable them to meet their fund requirements till the end of October.
"The interest burden of the three companies during 2008-09 is expected to go up by Rs 4,200 crore compared to previous year due to increase in borrowings and higher rate of interest," he said.
Epaper
Newsletter
Stocks
Weather
Horoscope
